Fair Trade in Financial Services Act of 1990

Summary

Fair Trade in Financial Services Act of 1990 - Amends the International Banking Act of 1978, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 to direct the Secretary of the Treasury to: (1) submit annual status reports to the Congress regarding foreign treatment of certain U.S. business interests; and (2) initiate negotiations with foreign countries to ensure that they offer U.S. banking and bank holding companies, securities brokers and dealers, and investment advisers the same competitive opportunities as are available to their foreign counterparts. Authorizes Federal banking and securities agencies (in consultation with the Secretary) to deny applications filed by foreign persons to conduct banking, securities, or investment advice activities in the United States if the Secretary has published a determination in the Federal Register that the relevant foreign country does not accord national treatment to such U.S. business interests. Directs the Secretary to review such determination annually. Amends the International Banking Act of 1978 to preclude banking interests from such countries from commencing or conducting business in this country as of the date of the Secretary's determination unless prior approval has been obtained from a Federal banking agency (including, under certain circumstances, a State banking agency). Outlines the factors to be considered by the Secretary and the banking and securities regulatory agencies in their exercise of discretion with respect to existing foreign operations in the United States. Amends the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to provide that subsequent to the Secretary's determination in the Federal Register that a foreign country does not accord national treatment to U.S. securities or investment adviser interests, a person from such foreign country may not acquire control of a registered broker, dealer, or investment adviser unless the Securities and Exchange Commission has been duly notified and has not prohibited such acquisition. Amends the Omnibus Trade and Competitiveness Act of 1988 to make conforming amendments.

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Timeline

1. 29 January 1991

   Introduced

   Referred to the House Committee on Banking, Finance + Urban Affrs.

   Source: IntroReferral

2. 29 January 1991

   Introduced

   Introduced in House

   Source: IntroReferral

3. 29 January 1991

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 February 1991

   Referred

   Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

   Source: Committee

5. 19 February 1991

   Referred

   Referred to the Subcommittee on Telecommunications and Finance.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · undated · Official file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 29 January 1991

  Open at official source

Sponsors

• Rep. Stark, Fortney Pete [D-CA-9] · D · Sponsor
• · hsif00 · Standing
• · hsba00 · Standing

Related records

No cross-record relationships stored yet.